Nasdaq Soars Back To Unchanged After Biggest Sell Program In History

Nasdaq Soars Back To Unchanged After Biggest Sell Program In History

Who could have seen that coming?

Thanks to a few share buybacks (cough AMZN cough)…

…the Nasdaq is now in the green for the day…

The Nasdaq puked down below its 100DMA this morning and this rip back higher has pushed it back up to that 100DMA resistance…

The rebound occurred amid a massive wave of selling peaked – New York Stock Exchange companies trading on downticks exceeded those on upticks by 2,069 at one point, sending the index to a record low.

“The tick index is a contrarian measure,” said Max Gokhman, head of asset allocation at Pacific Life Fund Advisors. “If everyone is selling everything indiscriminately, it’s not a time to head for the door yourself.”

Tyler Durden
Tue, 05/11/2021 – 13:44

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